Good morning.
Markets are little changed this morning as investors try to assess two contradicting stories. While the recent jump in inflation (a tale told by both consumer and producer prices), would typically cause the Fed to maintain or even consider increasing rates, retail numbers out this morning for January were much lower than expected … making the Fed’s job much harder.
Today, of course, is Valentine’s Day … and I found a report from Lending Tree quite interesting as they surveyed “Americans in relationships” to find out the preferred Valentine’s Day present.
Tops on the gift list is “chocolate or candy” … followed by “a special meal.” Maybe surprisingly, flowers landed tied for third place (with “a card”). But don’t think flowers are a complete waste of money (as I do). I thought my wife … as she does know quite a bit about economics … would appreciate the year I realized a beautiful long stem rose was $20. Instead of the rose, I handed her a $20 bill … which is the “economic equivalent” and have much greater use. It somehow didn’t have the same romantic effect.
I do write a bit about my concern over demographics and the declining birth rate, so I found it interesting that the DOT (Department of Transportation) announced it will prioritize funding of transportation funds to those states with the highest birth and marriage rates. I often shout out my view that the government should get deeply involved to raise the “replenishment rate” and on the one hand am glad they are, while the other hand is busy scratching my head wondering why it is the DOT involved in this adventure.
That about wraps it up for today as markets close on Monday for the Washington’s birthday holiday.
On a final note, I had an argument with a friend yesterday who told me there would be more than a million people at today’s Eagles “victory” parade. Why did I question it? I don’t believe any numbers based on guesses.
Because I am obnoxious, I just felt the need to look up (thank you Google) how many attended last time. The parade people claim it was 1.4 million. Philadelphia Magazine claims there was disappointment with “only” 700,000. And what does “Penn Today” claim? 3 million.
So much uncertainty yet so much confidence in the claims. These people should work in government.
There is also a parade today in New York celebrating the Jets season.
11 people are expected to attend.
And I might be exaggerating the number.
Have a great day,
Joseph G. Witthohn, CFA
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